Press Release: Commission recommends further steps under the excessive deficit procedure for Greece

The European Commission on 9 February 2005 recommended to the European Union Finance Ministers Council to give notice to Greece, in accordance with Article 104(9) of the Treaty, to take the necessary measures to remedy its excessive deficit situation. Given the sizeable adjustment to be carried out, the Commission recommended extending by one year to the end of 2006 at the latest the deadline for bringing the deficit below the 3.0% reference value. The Greek authorities were expected to present a report, before 21 March 2005, detailing the measures needed to comply with this recommendation, which was expected to be adopted by the Council at its meeting on 17 February 2005.